© Dukascopy Bank SA
- Australia & New Zealand Banking Group (based on Bloomberg)
Pair's Outlook
Though we did expect USD/JPY to cover the distance between the monthly R1 and monthly PP with no real effort, at the same time we also considered the support at 102 to be tougher. Now an extension of the dip to the 50% Fibo seems to be as the most likely course of events. Additional demand is at 100.71/67, where the monthly S1 merges with the 200-day SMA.
Traders' Sentiment
Traders have become somewhat less optimistic with regards to the U.S. Dollar, being that the share of long positions lost three percentage points. Still, the bulls are is a distinct majority—71%. Meanwhile, the number of buy orders (67.5%) considerably exceeds the number of sell ones (32.5%).
© Dukascopy Bank SA